IMF Boss Christine Lagarde
IMF Boss Christine Lagarde Reuters

The Conservative government's economic plans have received a ringing endorsement from the head of the International Money Fund (IMF), stating that it is "clearly delivering results".

Managing director of the IMF, Christine Lagarde, was speaking at an IMF summit being held in Washington, where she shared a stage with Chancellor George Osborne and Wolfgang Schaeuble, the German Finance Minister.

"It's obvious what's happening in the UK has worked," said 59-year old Lagarde.

"It's clearly also delivering results, because when we look at the comparative growth rates delivered by various countries in Europe, it's obvious that what's happening in the UK has actually worked."

Lagarde also attempted to quash concerns that there was a massive difference between the IMF's forecast for the future deficit in the UK come the end of the decade, and that of the Office for Budget Responsibility (OBR).

The OBR says that the UK should have a surplus of £7bn ($10.5bn, €9.7bn) in 2019/20, whereas the IMF anticipates a £7bn deficit. However, this is just a 0.6% difference in GDP.

"Generally in any election year, the teams that provide the hypotheticals on which future deficits are forecast, err on the side of caution and assume that whatever is announced is not necessarily or inevitably going to happen," said Lagarde.

Britain's deficit was higher than £90bn last year, but more positive news sprung for the UK economy today (17 April) as Office for National Statistics (ONS) figures revealed that unemployment fell to 5.6% in the three months to February.